It is still not clear to me on how it all works.
Another example,
Purchase price $400,000
Renovation costs including holding and stamp duty etc $30,000
Then depriciation schedule is done $50,000 of depricitable items.
Owned over 1 year, 50% capital gains free
What figure do I pay tax on???
$35,000?
Or
$10,000?
Or a different figure?
Another example,
Purchase price $400,000
Renovation costs including holding and stamp duty etc $30,000
Then depriciation schedule is done $50,000 of depricitable items.
Owned over 1 year, 50% capital gains free
What figure do I pay tax on???
$35,000?
Or
$10,000?
Or a different figure?